Similar move to Elasticsearch, tacking on AGPL with their existing source available licenses. [1]
The products (commercialized open source) that are often chosen by and championed by developers as opposed to executives see the harm that a bait and switch has on their popularity. With their competitors being more permissive, I don't see many devs moving back unless Valkey loses significant feature parity.
[1] https://ir.elastic.co/news/news-details/2024/Elastic-Announc...